Buyers Beware!

Buyers Beware

Dear Buyers, I love you, but…

You will not save money by going directly to the listing broker!! Do you know real estate law? Do you know which questions to ask to protect yourself? Do you know what hidden defects are? Do you know how to find the history of a house?

Congrats! You’ve finally decided to buy a house and you are on the hunt! You have visited a few houses and none of them are THE ONE.

Until you walk into a fully renovated, empty house that has been staged to look spectacular. It’s perfect. New floors, new kitchen, new bathrooms, freshly painted, price is right… LOVE AT FIRST SITE!

@moniqueAmontreal

But WAIT! What you need to look into is the history of  the house! Buyers, PLEASE beware! Dig a little deeper…

I recently visited a house that looked amazing. The buyers were enchanted and ready to make an offer on the spot. Problem was, when I walked through the kitchen, I immediately felt the slant in the floor. A slant doesn’t mean the house is falling, but it did raise some doubt, so I went home and did some research on the history of the house.

The house had been sold the year before for very cheap! It needed to be gutted and as it was stated on the listing by the listing broker at the time, the house had been sold cheap because of structural issues. I immediately called the listing broker who called her seller who denied there were issues and that it had just been a tactic to get the seller at the time to sell low. Hmmm. I already didn’t like this answer. I instructed my buyers to walk away from a potential headache.

Fast forward to 6 months later, the house was brought to my attention by a new broker who had not yet listed it. I quickly told him to verify with the seller if he had corrected any structural work. He confirmed that none had been done and he was selling without legal warranty. RED FLAG!

My advice to buyers out there is PLEASE hire a broker to represent you in the purchase! It does not cost you a penny and  has the potential of saving you hundreds of thousands of dollars in headaches later on!!! Just this case alone, I really hope buyers will not be fooled by the cosmetic appearance of the house.

When buying a flip that has been redone:

*** Ask for the MLS history of the house: Ask for a copy of the previous listing when the current sellers bought it and the Seller Declaration of the previous listing.

*** Ask for details of what has been done to the house. Get it in writing.

*** Use a Buyer Broker to help you. They will work for you. The Seller broker is working for the Seller!

*** Don’t be fooled by staging and cosmetic appearance. Check the history and…

ALWAYS GET AN INSPECTION BY A PROFESSIONAL!

 

Monique Assouline is a passionate Montreal real estate broker working in the field since 2005. 514.219.5897 or monique.assouline@evcanada.com

One thought on “Buyers Beware!

  1. You’re completely right, to a certain degree buyers need to be suspicious of the properties they are viewing and closely examine both fine elements but also the overall structure of the home. This isn’t a student rental – you are preparing to potentially saddle yourself with a solid amount of debt, so you need to be sure that the property is worth your investment. When I listed my home on Prelist.org, I uploaded previous listings from when we bought the place along with a list of all of the most recent repairs. I know many people aren’t so inclined to be upfront with their situation, but I could never do that myself.

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